Updated over 5 years ago on . Most recent reply
Fix and flip, first deal!
Investment Info:
Single-family residence fix & flip investment in Elkins.
Purchase price: $80,000
Cash invested: $20,000
Sale price: $154,000
2 bed 1 bath house that we were able to add a 3rd bedroom and 2nd full bathroom too in the existing structure! Added major value to this home and we were successful in resale!
What made you interested in investing in this type of deal?
A friend of mine was doing it and it interested me so he taught me how to find and analyze deals and I’ve been hooked ever since!
How did you find this deal and how did you negotiate it?
Another investor was selling the property they didn’t have time for. No negotiating as they sold for what they bought it for.
How did you finance this deal?
Construction loan from a local lender!
How did you add value to the deal?
Added a 3rd bedroom and 2nd full bathroom and updated the whole house!
What was the outcome?
Successful resale of the property!
Lessons learned? Challenges?
Spend the money to have a professional do certain things, I’m a diy type of guy and did 90% of the house on my own, but I definitely could have hired a professional for a few things and will do in the future.
